China Film prepares for share listing
China Film Group is to reorganise its share capital and create a joint stock company. The move inches CFG ever closer to its long-anticipated flotation.
The state-owned enterprise is by far China’s most powerful film company, dominating distribution and film imports and holding major positions in production and film exhibition.
An initial public offering has been talked about on many previous occasions and seriously so since before the global financial crisis in 2008.
Bona successfully raised $99.5 million but has seen its shares sink from their $8.50 launch price to $6.35 at yesterday’s close. At that price Bona has a market capitalisation of $358 million.